Articles Are Cryptocurrency Exchanges Asking Low Volume Coins For Bribes? Published 3 months ago on December 4, 2018 By Chris Matthews Over the last few years, as cryptocurrency trading volume has soared, there has been tremendous growth in the number of exchanges. Crypto trading volume really took off in 2017 as retail traders and institutional money flooded into the market. This presented an opportunity for savvy entrepreneurs to stake their claim and start an exchange. Unfortunately, not all exchanges are created equal. Crypto trading is still an industry in its infancy which means it’s not regulated nearly as tough as many other industries. Big Exchanges Charge Expensive Listing Fees During the crazy bull run that lasted through the very early part of 2018, crypto projects were desperately trying to get listed on the biggest and most active exchanges. The most coveted exchanges include Binance, Bittrex, Poloniex, Kraken, and BitStamp. And while these exchanges certainly offer an attractive landing spot, there is a major problem; the listing fee. As these exchanges have grown and gained power, only projects that are willing to pay an expensive fee receive a listing. In August, Bitcoinist.com ran a story about the reported listing fees that Binance was charging. Christopher Franko, the co-founder of Expanse, submitted a listing request in early August. According to Franko, Binance contacted him and requested a $2.6 million payment to list his coin. This approach is problematic for small projects as they can’t afford to pay the fee. Only the biggest projects which are extremely well capitalized and have money to burn can get listed on the most popular exchanges. In October, Binance issued a listing fee update. The company now claims that the exchange “will make all listing fees transparent and donate 100% of them to charity. Project teams will still propose the number they would like to provide for a “listing fee,” or now more appropriately called a ‘donation.’ Binance will not dictate a number, nor is there a minimum required listing fee.” Small Exchanges Offer An Alternative Crypto projects that aren’t as resource rich will have a very difficult time getting listed on the most popular exchanges. The expensive initial listing requirement will consequently relegate many projects to listing on smaller exchanges such as KuCoin, OKEx, and Cryptopia. While there is nothing wrong with these exchanges, volume isn’t as pronounced as it is on the largest exchanges. Instead of generating revenue from expensive initial listing fees, these small exchanges rely on trading volume for the bulk of their revenue. From 2017 through the early part of 2018, that wasn’t a problem. Cryptocurrency trading volume exploded as retail and institutional money flooded into the market. Both traders and exchanges were reaping the benefits. But now that crypto has been in a prolonged bear market, volume has cooled off. Some of the small exchanges now rely on other gimmicks to generate revenue. Many of the gimmicks center around advertising/marketing expenses. For example, on Cryptopia, companies can pay fees to have their coin advertised on the trading landing page. Bribes To Maintain Listing While there is nothing wrong with generating revenue from advertising, there have been some troubling reports lately about exchanges asking coins to engage in “liquidity management.” Rahul Sood, the Chief Executive Officer of Unikrn, recently took to Twitter to let the world know that both OKEx and KuCoin had delisted his UKG token because he refused to engage in liquidity management. Sood made it clear that he was entirely focused on building his business and not trying to “game” volume to appease the likes of OKEx and KuCoin. And Sood certainly isn’t the only crypto executive who’s voicing his frustration. David Koepsell, CEO of Encrypgen, also stated on Telegram that Encrypgen’s token, DNA, was delisted on KuCoin because he refused to pay a bribe. It’s unclear what bribe KuCoin was asking for but most likely related to a fee for “market making.” Unfortunately, given the current lack of trading volume in the crypto markets, these small exchanges have had to resort to questionable tactics to bring in additional revenue. Conclusion KuCoin and OKEx don’t appear to be playing the long game. They are delisting solid coins like UKG and DNA that refuse to pay bribes. While that may not be a problem now, it may become one in the future when the volume returns to the alt market. Projects that were delisted for refusing to pay a bribe won’t return and, instead, will take their business elsewhere. One bright spot in the story is that Cryptopia doesn’t appear to engage in the same questionable tactics. While the company does charge a small fee for an exchange listing, there are no reports of demanding coins pay a market making fee to stay listed. Since the OKEx and KuCoin delisting, Encrypgen’s volume has exploded on Cryptopia. Only time will tell but Cryptopia may end up being the big winner in all of this. Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Chris Matthews 4.8 stars on average, based on 24 rated posts Follow @HackedCom Feedback or Requests? Related Topics:bribescryptocurrency exchangescryptopiaDna tokenEncrypgenKucoinOkexunikrn Up Next Waves Jumps 57% Overnight on Mobile Wallet Rollout; 139% Gains Since Recent Low Don't Miss IOTA Price Analysis: IOTA Announce Another New Partnership, but Bulls Must Breakout from Bearish Set-Up You may like Tron Price Analysis: TRX/USD Looks Set to Give Up $0.02000 Territory Again Why Investors Should Be Paying Attention to Dotcoin Encrypgen (DNA) Surges 50% On Heavy Volume EncrypGen (DNA) Surges Ahead After Two Major Announcements Can Encrypgen (DNA) Generate a 30x Return in 2019? Crypto Market Cap Plummets $42 Billion Over Six Days as Bitcoin Targets $5,000 Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Altcoins MGO Token Is Now the Preferred Currency for Game Publishers Published 3 weeks ago on February 1, 2019 By Chris Matthews The last few years in the crypto markets have been like riding a roller coaster. There was period of pure euphoria, mainly during 2017. And, now, we are stuck, perpetually it seems, in a period of doom and gloom. It’s unclear when things will turn around. Because of the bear market that appears to have no end in sight, many cryptocurrency projects will likely fail during the next few years. Bearing that in mind, it would behoove traders/investors to start researching projects that have a high probability of real world adoption. One project that appears to be making all the right moves is MobileGo (MGO). Increased Adoption of MGO Token There is no doubt that gaming has been a global phenomenon for years. Video games, computer games, multi-gaming experiences, and e-sports have all been woven into the fabric of society. And while typical financial analysis focuses on the growth of the industry, game developers are the ones who make everything possible. One of the largest platforms that game developers now belong to is Xsolla. Xsolla offers significant advantages that include the following: A pay station that accepts more than 700 payment types from more than 200 countries. Industry leading fraud protection. A partner network that assists publishers with growing their respective businesses. An extremely popular store where gamers can purchase in-game goods, subscriptions, and currencies. The last point is probably the most important as it relates to this article. When gamers make purchases, such as in-game purchases, the developers are rewarded with earnings. And, in order to run their businesses successfully, they are able to withdraw those earnings. Until recently, the only option was a traditional FIAT withdrawal, such as USD or EUR. But that is all changing thanks to MobileGo’s native currency, MGO. Why are Developers Selecting MGO for Withdrawals? During the last few weeks, game developers and publishers that utilize the Xsolla platform have begun selecting MGO as their preferred withdrawal method. The current expectation is that MGO will account for roughly 30% of Xsolla’s monthly volume in the near future. With Xsolla’s monthly turnover nearing $100 million, this would be a massive development. This begs the question of why the sudden rise in MGO’s popularity. Cryptocurrency, specifically MGO, offers several advantages over traditional FIAT payments. With FIAT, it normally takes quite a bit of time for developers to actually receive their payments. Occasionally, this burdensome process can drag out for weeks to months. This is critically important as some developers are responsible for running large companies. The earnings, on a platform like Xsolla, need to be withdrawn in a timely manner in order to pay employee salaries, purchases necessary technological equipment, meet rent and loan obligations, etc. Therefore, waiting for weeks on end to receive earnings isn’t going to work. Additionally, FIAT withdrawals are normally subject to significant transaction fees and commissions. When one factors all that in, it’s not really a surprise that MGO is quickly becoming the currency of choice for game developers. MGO payouts are faster, cost-efficient, extremely secure, and very simple to use. Once funds are received, the withdrawal process is as easy as a few mouse clicks. MGO tokens can be sent to most cryptocurrency wallets that are ERC-223 integrated. Another option is to withdraw the tokens direct to crypto exchanges such as Bitfinex and Bitforex. As soon as the MGO tokens are received, users are in full control of them. The tokens can then be converted to popular cryptocurrencies such as ETH, BTC, USDT on exchanges that support MGO tokens, or swapped directly for FIAT currencies. Conclusion The past 12 months have certainly been a depressing time for many. A lot of traders have lost money and many crypto executives have seen their projects fail. And although quite a few projects will face the same fate, one that won’t is MobileGo. As MGO continues to see increased adoption within the development and gaming communities, it’s very likely that the token price could see a significant increase as well. Disclosure: Chris Matthews owns MGO tokens. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Chris Matthews 4.8 stars on average, based on 24 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Altcoins Lite.IM Surpasses Facebook In Race To Support Cryptocurrency Compatible Messenger Published 1 month ago on January 14, 2019 By Chris Matthews Since the early part of 2018, crypto traders have been bombarded with bad news. Hacks, broken promises, and overall lack of enthusiasm have resulted in huge losses. But more than that, some promising cryptocurrencies just haven’t survived. As traders look to the future, they should begin looking at projects that have the potential to disrupt industries and take them to the next level. One company that has the potential to accomplish that is Zulu Republic (ZTX). Zulu Republic is an ecosystem of blockchain tools and platforms, designed as a place where people, businesses, and organizations can thrive on their own terms. The company’s stated mission is to advance the development of decentralized technologies, to promote human rights and empowerment around the globe, and to reduce the global digital divide. Well the company is off to a great start with the development of Lite.IM. What is Lite.IM? Lite.IM is a project aimed at expanding global cryptocurrency adoption. With Lite.IM, users can send, receive, and manage Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and the company’s native currency (ZTX), on Facebook Messenger, Telegram, and SMS (in the USA and Canada). To get started managing these cryptocurrencies on the aforementioned platforms, users simply need to send a text-based command to the Lite.IM bot. The commands are as follows: Telegram: @LiteIM_bot Facebook Messenger: @lite.im SMS (USA and Canada only): 760-LITEIM-0 Competition with Facebook On December 21st, 2018, Facebook announced that it was developing its own stable cryptocurrency that users would be allowed to exchange through its popular chat service, WhatsApp. But while Facebook’s initial approach will target users based in India, Lite.IM is open to everyone in the world. Further, Zulu Republic has previously mentioned that they expect to announce support for WhatsApp in the next few weeks. It certainly appears as though Lite.IM has the upper hand here. And that is before even addressing Facebook’s obvious privacy concerns. When it comes to cryptocurrency, privacy and security have always been two issues at the forefront. Given the rough year that Facebook has had in that regard, users must certainly be forgiven if they have trouble trusting the social media giant. In September, 2018, Facebook announced that an attack on its computer network had exposed the personal information of nearly 50 million users. Apparently, the hackers were able to exploit a feature in Facebook’s code to gain access to user accounts. Even prior to this announcement, Facebook was already under Congressional scrutiny over revelations that a British analytics firm obtained access to private information from nearly 87 million Facebook users. Not to mention Facebook’s rumored involvement with Russian election meddling. Suffice it to say, it has been a tumultuous year for Facebook. And while users may have concerns trusting Facebook’s ability to handle cryptocurrency data, they shouldn’t have those same concerns with Lite.IM. Private keys are RSA encrypted with the user’s password. Lite.IM will never ask for that information nor will it be stored. Because of this, no third party will ever have access to that valuable information. Conclusion The truth of the matter is that Facebook is an absolute giant and has grown at an extraordinary rate since its initial public offering. Facebook has hired some incredible talent, from executive positions to marketing to development. And while one should never count them out, I simply wouldn’t be able to trust them with all of the recent issues. Perhaps in time, after regaining the public’s trust, users could once again look to Facebook as a leader. Fortunately, users have another strong and dependable option. Lite.IM will allow users all over the world to manage popular cryptocurrencies via their favorite messenger platform. Users should continue to stay tuned for future developments. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Chris Matthews 4.8 stars on average, based on 24 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Altcoins Product Owner Interview – GShare Has Potential To Increase Adoption Of MobileGo (MGO) Tokens Published 2 months ago on December 26, 2018 By Chris Matthews In early December, I wrote an article on why investors should be paying attention to MobileGo (MGO). Exploding popularity of the gaming industry and an impressive partnership agreement with Xsolla led to a surge in MGO’s token price. In addition, the team of MobileGo created an application, called GShare, that has the potential to significantly increase MGO token adoption. What is GShare? GShare essentially allows users to rent the power of their computers to earn virtual coins. These coins can then be redeemed later for several gaming options including tournament entry fees. Through this platform, a user can control the amount of computer resources that are used throughout the process. Although GShare is currently only at the public beta testing stage, virtual coins can still be earned by making purchases for Xsolla products. But, according to Igor (the product owner of the GShare app), the goals are much more global than just Xsolla. Fortunately, I was able to land an interview with Igor and asked him about the goals, benefits and upcoming upgrades of the project. Interview What is the mission and vision of the project? Igor: Ok, the mission and vision are basically to enable anyone, with the focus group being gamers, to easily obtain free stuff. For example, for simply sharing their time and computing power, users can come away with games, in-game items, and eSports tournament tickets for free. What is the advantage of this application as compared to other earning tools in the gaming industry? Igor: The main advantage is simplicity. Thanks to the partnership with Xsolla, another important advantage is being able to use the virtual currency to buy games and make in-game purchases. In the future, I expect that users will be able to earn items directly within the application. While there are other programs available in the market that allow users to earn virtual currencies, typically users must spend a long time, sometimes up to a year, to earn enough virtual currency to purchase a basic product like a keyboard. The general idea of GN Gold (GShare currency) is that we will eventually have an entire ecosystem that will support it. In the future, we fully expect there to be a deep integration between game publishers and being able to use GShare directly to get different items – this is the first step to earing free items outside of the games. We hope to separate ourselves from competitors by forming more direct integration with the games themselves. What is the actual development status? As far I know it’s still in beta test mode. Igor: Yes, we can say it is a public beta test. But it is available. Anyone who registers in GShare can download and use it. The test mode is available for the first 500-1000 users of the platform. This will help our team to identify and fix the bugs. At present, our internal version is 0.9.17. If I remember correctly, there was a recent upgrade. Is that accurate? Igor: Yes, it actually happened a few days ago. Next week, we plan to upgrade the version by adding additional languages including English, Russian, Chinese and Korean. After that, the plan is to add Spanish and Japanese in the near future. Are there any other upgrades you are expecting soon, perhaps in the next couple of months? Igor: I think that the first noticeable change will be some type of boosting feature. After performing certain actions or tasks, users will see an increase in their GShare Gold earning rate. An example of a boost might include increased earning power for two hours. We expect to begin working on this feature on Monday although I don’t expect it to be completed until February at the earliest. How is GShare currently interconnected with other products? Are there any upcoming changes in this respect? Igor: Right now, there are no direct connections except that a user can spend GShare Gold on the competitive platform. A user’s GShare Gold is used as a participation fee. If a gamer wins a tournament, they will have the option to receive their prize in either MGO tokens or GShare Gold currency. As far as I know, both products (the earning app and competitive platform), use the same username and password. Is that true? Igor: Yes, they do. All products of the ecosystem will be easily accessed via a single user profile. So, we will focus mostly on integrating with games and allowing game-publishers to integrate with us. In this way, users can directly spend GShare Gold within the games or use the currency to get items directly. Okay, are there any technical requirements before someone can run the GShare App? Igor: I wouldn’t say there are any specific requirements. Since gaming already requires significant computing power, it’s fair to say that most gamers will already have the necessary hardware to run the app. I just want to clarify one thing. As I understood it, the eSports platform is now used mainly for casual games? Igor: Yes. The eSports platform now targets casual gamers while GShare is targeting more of a core gamer audience. What are the limitations and how can someone know whether they should use GShare? Igor: At the moment, that’s a very difficult question to answer given that we’ve only just launched the beta. During this test period, we hope to learn more about whether an average gaming machine with an average GPU will be enough to earn users some profit. Although I can say that even laptops with just CPU are able to earn something right now. It’s also important to remember that the boosting feature, in which development will begin shortly, will play a pivotal role here. What are the future goals for GShare? Igor: For me, the goals are like most other technology businesses – stability and scalability of the application. Certainly, we hope to make the experience as pleasurable for the users as possible. Avoiding bad experiences, like application crashes, are of paramount importance. Some of the team will be working constantly on improving the algorithms, stability and scalability, fixing bugs, and making small fixes in the background. In the near term, the priority is certainly to finish earning item features, testing it, and getting as many game publishers as possible. The boosting feature is also very important. Does GShare have the potential to change the gaming industry in the long-term? Igor: Well, the company’s long-term goal is to do good things. We hope that all these products and GShare will be able to support the community and create strong social values. Users can choose to interact within the framework of a thematic platform. An example of that would focus on how a gamer’s view is changing. This is not just about gaming but allowing people to use their computer for many things while not having to make any effort to go outside. …. and what’s the scope of the project? Igor: Well, for me personally, the scope is to provide as much profit for users as possible. It would be great if people could run the application overnight while earning a few dollars. That would really be something. What are you doing to increase awareness of the GShare Application? Igor: Our team is working on that right now. In January, we expect to begin introducing the app to the Chinese and Korean markets. In addition, we are negotiating with partners. Word of mouth among gamers will also play a big role. That, of course, will depend on the quality and success of the beta. This will be my final question. What role do you play in this project? Igor: Well, when I came to the company, they wanted me to lead the core. Prior to joining, I was a product manager for the core team in my previous role. The previous role afforded me a lot of experience but, for me, it had become a bit tiresome and uninteresting. It was really about the things that the ordinary user doesn’t see, and I was dealing with all the back-end. This project is different. It sounds like “Oh, we haven’t go these” – now you do! Right now, I’m trying to figure out ways to give the end users as many benefits as possible. I spend a lot of my time ensuring a good user experience. Chris: Igor, thanks so much for taking the time to give me an interview. Igor: You’re welcome. Feel free to contact me anytime if you have more questions. Although GShare is still in the initial stage of development, the potential is certainly there for a bright and meaningful relationship between gamers and publishers. As awareness increases, there is a strong possibility that adoption of MobileGo (MGO) tokens will also increase. Disclosure: Chris is long MGO tokens. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. 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